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Article: Prices at five-year low as demand from stainless mills collapses.
- Article from:
- Purchasing
- Article date:
- December 11, 2008
- Author:
CopyrightCOPYRIGHT 2008 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Tom Stundza
There's plenty of cheap nickel available to buyers and no sign that trend will change anytime soon. Economists now suggest that the freefall in the nickel price to $5.26/lb in early November will continue next year, with nickel prices likely to plunge as low as $4.50 in some weeks as the global economic downturn intensifies. These would be the lowest for nickel prices since the second half of 2003.
The worldwide industrial production slowdown has reduced nickel purchases from stainless steel mills in the U.S., Europe and Asia. This, in turn, has crushed demand for the alloying metal--as reflected in collapsed prices and increased ...